The ('''CBOT''') , established in
1848 , is the world's oldest
Futures And Options Exchange . More than 50 different
Option s and
Futures Contract s are traded by over 3,600 CBOT members through
Open Outcry and
ETrading . Volumes at the exchange in
2003 were a record breaking 454 million contracts.
The concerns of
U.S. Merchant s to ensure that there were buyers and sellers for
Commodities have resulted into
Forward Contract s to sell and buy commodities. Still,
Credit Risk remained a serious problem. The CBOT took shape to provide a centralized location, where buyers and sellers may meet and negotiate and formalize forward contracts.
In (CME).
On
19 October 2005 the
Initial Public Offering (IPO) of 3,191,489 CBOT shares was priced at $54.00 (USD) per share. On its first day of trading the stock closed up +49% at $80.50 (USD) on the
NYSE .
Since
1930 , the Chicago Board of Trade has been operating from 141 West Jackson Boulevard, Chicago. It is housed in a building designed by
Architect s
Holabird & Root and it is 184.4 meters tall. This
Art Deco building incorporates sculptural work by
Alvin Meyer and is capped by a statue of the
Goddess Ceres in reference to the exchange's heritage as a
Commodity market. Ceres is faceless because its sculptor,
John H. Storrs , believed that the forty-five story building would be sufficiently taller than any other nearby structure and as a result that no one would be able to see the sculpture's face anyway.
On s in the heart of Chicago's busy
Loop commercial neighborhood.
The traders in the pit have their own form of
Sign Language based on hand gestures that developed independently from any other form of sign language.
- Ryan, Oliver (Nov. 14, 2005). "Chicago's Making A Contracts Killing". '' FORTUNE '', p. 22.
